Ascott adds five more properties and crosses milestone of 12,000 apartment units in China

The Ascott Limited has reached the milestone of 12,000 apartment units in China. The serviced apartment provider has secured contacts to open five new properties in Yinchuan, Changsha, Shenyang and Xi’an.

The openings over the next four years will see Ascott become the first serviced apartment provider to have properties in Yinchuan and Changsha, as well as building upon its existing portfolios in Shenyang and Xi’an.
Mr Lee Chee Koon, Ascott’s chief executive officer, says: “China is Ascott’s fastest growing market. As the world’s second largest economy, there is an increasing demand for accommodation for business travelers.
“Both Yinchuan and Changsha are rapidly growing business hubs. Yinchuan hosts the bi-annual China-Arab States Expo and Changsha attracted nearly 50 Fortune 500 companies in 2013. All of our new properties are perfectly positioned for business travelers to make the most of these exciting opportunities in a comfortable and homely environment.”
Having crossed its target of 12,000 apartment units ahead of 2015, Ascott is now aiming at 20,000 units in China by 2020. This is in line with its global target of 80,000 apartment units by 2020.